According to the "Bible" for accounting terminology, Barron's Dictionary of Accounting Terms, 5th Edition, they are the same. In fact, when you look up implicit cost, it refers you to imputed cost. This is the definition of imputed cost:
"A cost that is implied but not reflected in the financial reports of the firm: also called implicit cost. Imputed costs consist of opportunity costs of time and capital that the manage has invested in producing the given quantity of production and the opportunity costs of making a particular choice among the alternatives being considered."
Imputed costs do not appear in the historical cost accounting records for financial reporting. The actual cost incurred is recorder and is called a book cost.
difference between cost and costing
whats the difference between cost and list?
Difference between revenue from sales and cost of goods sold is called "Gross profit".
Book Value is the difference between the cost of an asset and the accumulated depreciation of that asset.
Imputed costs do not appear in the historical cost accounting records for financial reporting. The actual cost incurred is recorder and is called a book cost.
Sometimes it is found that in the production process the entreprenure e factors of production which are owned by him. now for these factors of production he is not paying anything, but actually he is loosing the earning he can earn by hiring them. This loss is considered as the cost of production and is referred as Imputed cost or Implicit Cost. As for example a farmer is cultivating in his own land, so, he need bot to pay the rent, but money which he can earn as rent is the Imputed Cost here.
explicit is the market value of all inputs purchased by a producer while implicit cost is the market value of inputs owned by the producer himself.
yes, depreciation is an implicit cost. but this implicit cost is added to total costs in calculating accounting profits.
Charging the cost of using fully depreciated machinery to the cost unit
difference between cost and costing
whats the difference between cost and list?
Explicit cost and Implicit cost are the two dimensions of cost What role does cost play in financial decisions?
There is no difference
the opportunity cost or value of the best by a business
what is the difference?
There is almost an implicit assumption that tutors know about these things.